HOUSTON — NAI Partners has represented Panattoni Development Co. in the sale of a 24,000-square-foot office/warehouse facility located on 10.6 acres to Eagle Fabricators Inc. The facility is located at 5522 Shirley Lane in Houston. John Ferruzzo and Clay Pritchett of NAI Partners represented Panattoni Development during the transaction negotiations.
NEW HAVEN, CONN. — Binswanger has arranged the sale of an industrial facility located on 2.5 acres at 83 Water St. in New Haven. Amerco Real Estate Co. acquired the 156,000-square-foot property from C. Cowles & Co. for $6 million. The buyer plans to develop the facility for a combination of self-storage and vehicle rentals under the U-Haul brand. The five-story building features more than 100 surface parking spaces, original wood flooring, exposed brick and stone, and large perimeter windows, which Amerco plans to preserve. Jim Panczykowski of Binswanger represented the seller in the transaction.
SCHILLER PARK, ILL. — A joint venture between Bridge Development Partners LLC and Akard Street Partners has acquired a 10-acre parcel in Schiller Park, approximately 20 miles northwest of Chicago, for the future development of two industrial buildings. The site, located at the intersection of Rose Street and Soreng Avenue, currently features approximately 200,000 square feet of functionally obsolete manufacturing space. Bridge will demolish the buildings and develop the Bridge Point Schiller Park on the site, which will consist of an 84,700-square-foot building and a 72,825-square-foot building. The project is slated for completion by the third quarter of 2017. The buildings will feature 32-foot clear ceiling heights, ESFR sprinklers, 125-foot truck courts, one loading dock for every 3,000 square feet, above-standard car parking ratios and office space to suit. Geoff Dowling and Daniel Tobin of CTK Chicago Partners represented the seller, Hostess Brands, in the transaction. Tom Rodeno and Patrick Turner of Colliers International represented Bridge. Rodeno and Turner will market the property for lease. Hunt Realty Investments will manage the joint venture.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has arranged the sale of an industrial property located at 51 Commerce Drive in South Brunswick. TIAA Global Asset Management purchased the 220,000-square-foot property from Ivy Equities for an undisclosed price. Situated on 14 acres, the property was fully occupied at the time of sale by Lenox, EDA International, Salesmaster Associates and Halsted Corp. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller in the deal.
DAVENPORT, FLA. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT based in Freehold, N.J., has purchased a 310,922-square-foot, newly built industrial building located at 5000 N. Ridge Trail in Davenport, a suburb of Orlando. Monmouth purchased the property from an undisclosed seller for approximately $37.8 million. Situated on nearly 47 acres, the property is net-leased to FedEx Ground Packaging System Inc. for 15 years. The facility is located near I-4 and two Walmart fulfillment centers totaling more than 2.3 million square feet.
SAGINAW and MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Longhorn Road Self Storage and Samuell Boulevard Self Storage located in Saginaw and Mesquite, respectively. Nicholas Ling, Brandon Karr and Danny Cunningham of Marcus & Millichap’s Austin and Fort Worth offices marketed the property on behalf of the seller, a limited liability company. Ling, Karr and Cunningham also secured the buyer, another limited liability company. Longhorn Road Self Storage is located at 131 Longhorn Road in Saginaw. Built in 1984, the property includes 330 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and climate-controlled units. Samuell Boulevard Self Storage is located at 3940 Samuell Blvd. in Mesquite. Built in 1984, the property comprises 551 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and 24-hour video surveillance.
LINO LAKES, MINN. — United Properties has broken ground on a 402,000-square-foot industrial facility for Distribution Alternatives Inc., a third-party logistics firm. The build-to-suit project is located on a 30-acre site in Lino Lakes, approximately 20 miles northeast of Minneapolis. Distribution Alternative plans to occupy the facility in the fall of 2017. The building will feature a cross-dock layout, 32-foot clear heights and outside trailer storage. R.J. Ryan will serve as the general contractor for the project, and Lampert Architects will provide design services.
NEW YORK CITY — Cushman & Wakefield has launched an Automotive Specialty Practice group in response to the recent transformation and growth in the auto industry. Led by Jeffrey Green, the group includes a global, cross-discipline team of real estate and business advisors to auto manufacturers, suppliers, distributors and retailers. Cushman & Wakefield is the first commercial real estate service firm to market a global comprehensive Auto SPG offering. The offering’s mission is to deeply understand and address the distinctive challenges of the automotive sector from labor issues, logistics, infrastructure, technology, credits and incentives to the unique requirements of the real estate itself. Cushman & Wakefield has has relationships with various automotive industry clients around the world, including Toyota, BMW, FCA, Mercedes Benz, Magna International, Hyundai and JLR.
NEW YORK CITY — Meridian Capital Group has arranged $7 million in financing for the acquisition of a warehouse located in the Astoria section of Queens. The one-year loan, provided by a local balance sheet lender, features full-term interest-only payments. Located at 19-79 Steinway St., the single-story, 10,000-square-foot warehouse offers easy access to New York City’s major distribution channels and close proximity to the N and Q subway lines. Bryan Geffen and Brian Flax of Meridian negotiated the loan for the undisclosed borrower.
BRANFORD, CONN. — O,R&L Commercial has arranged the lease of an industrial building at 16 Commercial St. in Branford. New England Orthotic & Prosthetic Systems plans to consolidate three locations into the 20,000-square-foot building. Tim McMahon of O,R&L Commercial represented the landlord, 16 Commercial Street Associates, while Frank Hird, also of O,R&L Commercial represented the tenant in the deal.